Economy expected to grow by 7.5 per cent in current fiscal: NITI Aayog

Dr. Panagariya

New Delhi: NITI Aayog today said that country economy is expected to grow by 7(point)5 per cent in the current fiscal.

Addressing a press conference in New Delhi today on State of the Economy over the Last Three Years, NITI Aayog Vice Chairman Arvind Panagariya said, the GDP is expected to reach 8 per cent by the end of current government's term. 

He said, the Aayog has moved ahead in many ways and inflation has come down and growth momentum has been restored. He said, GST is the most important reform that has happened in the country. 

Speaking about a three year action agenda on education and skill development, Dr. Panagariya said, the focus will be on creating and funding public universities under the World Class University Programme. 

The agenda also includes creating a tiered regulation of universities and college to provide greater autonomy to top universities.

On the issue of industry and services, the Aayog chairman said, there is a need to create an ecosystem where labour-intensive industries can flourish. He emphasized on creating coastal employment zones to boost exports and generate high productivity jobs. 

Dr. Panagariya said, NITI Aayog is working on reducing fiscal deficit to 3 per cent of the GDP by next financial year and revenue deficit to 0.9 per cent by 2019-20.

The Aayog chairman also spoke on the agenda for building an inclusive society. He said, the Aayog will develop a composite gender based index to reflect the status of women in the country and enhance the welfare of women, children, youth, minorities, SC, ST, OBC and divyangs. 

He said, the Aayog proposes to introduce skill based education and extra curricular activities as mandatory part of school curricula and design innovative conditional cash transfer schemes to encourage girls' education. 

Dr Panagariya said, the NITI Aayog is also working towards promoting innovation in the country, through Atal Innovation Mission.

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